1. Field of the Invention
This invention relates to a system for storing, displaying, modifying and executing bet backed statements.
2. The Prior Art
The main prior art are U.S. Pat. Nos. 5,575,474 and 5,749,785. U.S. Pat. No. 5,575,474 will be called the grandparent.
The new matter is disclosed in Section 22 which describes a special kind of bet called a COFO bet. xe2x80x9cCOFOxe2x80x9d stands for Cost of Finding Things Out. A COFO bet can be especially useful in many situations where a bet is used to communicate one""s confidence in an assertionxe2x80x94in a bet statement, that is. The concepts behind a COFO bet, and the mechanisms for implementing such a bet, are disclosed in Section 22. The inventor has never read of such a bet, or of such mechanisms, in the literature.
The bet has always been thought of as a form of entertainment or a vice. However, it is actually a fundamental method for keeping people honest. Bets can be used by people who want to demonstrate honesty by showing that they are willing to xe2x80x9cput their money where their mouths are.xe2x80x9d Bets can also be used by people who want to challenge the statements of others by saying, basically, xe2x80x9cYou wanna bet.xe2x80x9d
We can devise a computer system that allows people to use bets efficiently in these ways, allowing people to place, accept and settle bets for the purpose of communicating. The system cuts out the middleman, sometimes referred to as the bookmaker or the house, enabling bettors to bet with each other directly. The system allows people to post bets, to accept bets, to change bets, to settle the bets, and to settle disputes. It also allows people to place special types of bets for the purpose of demonstrating probability and quantity estimates different from the estimates expressed in odds and quantity offers.
A bet used for communication can stand alone or can go along with another statement, which we will call a supported statement. The system disclosed allows people to link bets with corresponding supported statements.